History of Coinage of India

The rupee in our pocket has an enigmatic history. The lengthy history of struggle, adventure, and prosperity dates back to the 6th century in ancient India. Since its beginnings, the coinage of India has played a critical part in the country’s economic development. India was one of the world’s first coin issuers. An Indian coin is noted for its wide range of issuing techniques, themes, sizes, forms, and metals utilised, among other things, making it one of the oldest existing examples of token currency. Collecting and studying currency is referred to as numismatics.

Coinage Evolution

• The barter system was the only mode of exchange of goods before introducing the coins
• Coins resolved the hidden loops and various issues related to the barter system proved to be one of the biggest examples for trading
• Silver punch-marked coins were the first known coins of India with a design that prevailed during the era of Janapadas
• Over centuries, various metals have been utilised to manufacture coins. Each would be produced differently, with varied shapes, marks, and motifs
• Coins of India during the ancient era were imprinted with figures of deities, rulers, etc
• The mediaeval coins of India in the north had inscriptions, whereas, in the south, they had motifs with legends
• The cultural, social, architectural, and economic fettle of any ruler or dynasty was acknowledged through patterns on these coins
• What we see today as modern coins is a mixed alloy of metals, whereas precious metals were used to make coins during ancient times

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Origin of Currency

Bronze Age

• The history of coins of India originates from the years of Indus Valley civilisation.

• Cowry Shells were the first to be used as a symbol of money
• Sites like Harappa and Mohenjo Daro show the use of metal coins as a means of trading and exchange of goods
• Based on their extraordinary resemblance and identity, D.D. Kosambi (Historian) hypothesised a relationship between Mohenjo Daro class IV silver pieces and class D silver pieces with the Punch-marked coins
• References suggest the use of coins during the Vedic period. Nishka (gold coin) was one of the commodity coins used for trade and commerce during this period
• The Janapada Period of 6th-5th BC was the period of emerging trade and urbanisation. Coins were used for trading and have been recorded in various manuscripts like Ashtadhyayi, Buddhist texts, etc

Mediaeval Age 

The influence of foreign invasions and rule of various dynasties during the time bracket of the 2nd BC century to 2nd AD dominated the coins’ usage, shape, motifs, and weight.

• Mauryan Empire: The use of silver and copper coins with royal punch-marked motifs
• Indo-Greek Coins: The round-shaped coins (except a few rectangular) were punched with ruler name, the language used was the Praktik of Kharosthi script
• Kushana Dynasty: The use of gold coins portrayed the deities Shiva and Kartikey
• Satavahana Dynasty: The coins majorly used were copper and lead imprinted with the symbols of elephants, bulls, lions, etc
• Western Kshatrapa: The first-ever coins with imprinted dates
• Gupta Empire: The use of circular gold coins majorly known as Dinar with motifs of deities, cultural events, rulers like Samudragupta and Chandragupta II
• South Indian Kingdoms like Cholas, Pallavas, Chalukyas, and Pandya had motifs of tiger, bull, boar and fish, respectively
• Delhi Sultanate: The increasing trade and commerce led to the expansion in the production of coins like Tanka (silver coins) and Jital (copper coins)
• Khilji Dynasty: Apart from the use of conventional gold, silver and copper coins, billon coins were introduced with great titles of rulers
• Vijayanagara Empire: The use of gold coins with sacred images of deity Tirupati, the influence of East India Company was also seen in the motifs of these coins

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Modern Age

The age signifies the use of various coins in pre-independence and post-independence eras and prominent changes in form, value, inscription, etc.

Pre-independence 

• Maratha Empire: During the period of mid 18th century, three types of coins were introduced, namely Hali Sicca, Ankushi and Chandori Rupee with the imprinted name of Chatrapati Shivaji Maharaj
• Province of Awadh: The use of circular gold coins known as Asharfi and copper coins Fulus with Nawab-Wazarat imprinted on it
• Nizams: The use of machines to imprint motifs of Charminar on the coins in 1903-1904, the widely used coins were Ashrafi, Rupee, 8,4, 2 Annas

Post-independence

Anna, Naya paisa, and Paisa were the new reforms taken by the Indian government, providing the modern coinage with its standard value, weight, dimensions and guidelines of motifs.

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Conclusion 

The coinage of India has been one of the prominent examples of our evolution depicting the various forms of trade and commerce between different dynasties and empires during specific times. The study of coins leads us to gather information about the trade and enables us to understand the socio-economic conditions of the emperor or the dynasty. The change in shapes and sizes, value, weight is a series of evolution we have experienced throughout, which helps us define our existence in the modern world.